Cambient Family Office LLC Acquires Shares of 15,291 Bank of America Corporation $BAC

Cambient Family Office LLC bought a new stake in Bank of America Corporation (NYSE:BAC) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 15,291 shares of the financial services provider’s stock, valued at approximately $841,000.

A number of other institutional investors also recently modified their holdings of BAC. Norges Bank bought a new position in Bank of America in the fourth quarter valued at about $4,774,210,000. Capital International Investors acquired a new stake in shares of Bank of America in the 4th quarter valued at approximately $2,357,461,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Bank of America by 640.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 46,516,728 shares of the financial services provider’s stock valued at $2,399,798,000 after purchasing an additional 40,235,201 shares during the last quarter. Vanguard Group Inc. increased its position in Bank of America by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 651,076,825 shares of the financial services provider’s stock worth $35,809,225,000 after purchasing an additional 23,351,183 shares in the last quarter. Finally, Cardano Risk Management B.V. boosted its position in Bank of America by 914.5% in the fourth quarter. Cardano Risk Management B.V. now owns 25,095,260 shares of the financial services provider’s stock valued at $1,380,239,000 after buying an additional 22,621,546 shares in the last quarter. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Daiwa Securities Group upped their price objective on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, April 28th. Truist Financial boosted their target price on shares of Bank of America from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Keefe, Bruyette & Woods raised their price target on shares of Bank of America from $63.00 to $64.00 and gave the company an “outperform” rating in a research note on Thursday, April 16th. Morgan Stanley cut their price target on shares of Bank of America from $67.00 to $61.00 and set an “overweight” rating on the stock in a report on Tuesday, March 31st. Finally, Piper Sandler boosted their price objective on shares of Bank of America from $53.00 to $59.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $61.06.

Bank of America Stock Performance

Shares of BAC stock opened at $56.26 on Friday. The business’s 50 day simple moving average is $52.82 and its 200 day simple moving average is $52.51. Bank of America Corporation has a one year low of $44.75 and a one year high of $57.98. The stock has a market capitalization of $399.27 billion, a PE ratio of 13.93, a PEG ratio of 0.96 and a beta of 1.18. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.11. The firm had revenue of $30.27 billion during the quarter, compared to analyst estimates of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.90 EPS. As a group, research analysts forecast that Bank of America Corporation will post 4.45 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, June 5th. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. Bank of America’s dividend payout ratio is 27.72%.

More Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America is leaning further into AI to strengthen its dominant muni underwriting franchise, which could help defend and expand a business line that already leads the market. Bank of America Eyes AI to Defend $46 Billion Muni Lead
• Positive Sentiment: The bank reportedly scored an early win in a dispute over First Brands’ inventory proceeds, which may improve its recovery prospects and reduce legal uncertainty. Bank of America gets early win in dispute over First Brands’ inventory proceeds – report
• Positive Sentiment: Several recent pieces highlight supportive themes for BAC, including high cash flow, strong dividend appeal, and investor interest in the stock after its multi-year run. Bank of America (BAC) – Among the 12 Stocks From Companies Generating High Cash Flow
• Neutral Sentiment: Analysts and strategists are broadly focused on the Fed’s “higher-for-longer” setup: that can support net interest income for banks like BAC, but it also raises funding-cost, credit, and securities-market risks. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Neutral Sentiment: Bank of America’s own rates team warned that a new Fed chair could bring bond-market volatility, which is more of a market backdrop issue than a direct fundamental hit to BAC. BofA Rates Strategist: New Fed Chair Warsh Is a Bond Market Stranger, Volatility Ahead
• Negative Sentiment: Bank of America is facing fresh regulatory scrutiny as authorities prepare debanking findings, adding headline risk and raising the chance of policy pressure. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings

Insiders Place Their Bets

In related news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $53.01, for a total value of $6,719,335.56. Following the transaction, the insider owned 1,373,397 shares in the company, valued at $72,803,774.97. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.27% of the stock is owned by corporate insiders.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.